Survey Shows Millennials Lean Towards Bitcoin Over Stocks

As per the recentBitcoin Survey Fall 2017, conducted by venture capital firm Blockchain Capital, millennials are displaying a growing proclivity toward Bitcoin, pointing toward a future that is likely to be dominated by digital currencies.

The survey, which was conducted online among 2,112 adults (of 18+years) from the United States, revealed that 30% millennials would prefer $1000 of Bitcoin over $1000 of government bonds. In addition, 42% millennials claimed to be familiar with Bitcoin (compared to a mere 15% among the 65+ age group).

Despite its volatility, Bitcoin has gone from strength to strength this year. The cryptocurrency has seen an increase of more than 700% in price since the start of 2017, and its market cap has exceeded $200 billion, which might explain millennials’ growing interest.

The survey also found that while millennials are definitely open to the idea of Bitcoin, and seem convinced about its worth, they are still unsure of its reliability, suggesting that cryptocurrencies still have plenty of trust-building to do. 48% of the millennials in the survey agreed that Bitcoin is “a positive innovation in financial technology” – however, only 27% agreed that Bitcoin was more trustworthy than traditional big-name banks such as JPMorgan and Goldman Sachs.

Regarding the future of Bitcoin, millennials in the survey presented a cautiously hopeful picture – 42% millennials agreed that “most people will be using Bitcoin in the next 10 years”, and 32% (the figure was 41% among male millennials) claimed they were likely to purchase Bitcoin in the next 5 years.

While the survey revealed that only 2% Americans have owned or currently own Bitcoin, this percentage may rise with time as millennials start to form a larger part of the investor base. In addition, the CME Group’s Bitcoin futures (to be launched later this year), which might bring about a possible approval of ETFs by U.S. regulators, may also help to drive up the percentage in the future, making it easier for people to purchase Bitcoins.

The results of the survey come shortly after Google Trends datarevealedthat searches for ‘Buy Bitcoin’ have exceeded the searches for ‘Buy Gold’ this year. As Bitcoin smashes record after record, and cryptocurrencies endeavor to change the traditional perception of money, it appears millennials just might be gearing up to carry the torch forward.